Vice President Yemi Osinbajo has met with stakeholders from the oil and gas sector over the Petroleum Industry Bill (PIB), harping on the need to find and agree on cheaper means of producing oil while also ensuring a more competitive environment that meets the needs and purposes of the Nigerian nation including the largest production volumes possible.

The Vice President who met virtually with Oil Producers Trade Section (OPTS) in Nigeria, and Independent Petroleum Producers Group (IPPG) on Wednesday advocated agreement on terms that will give the nation a more competitive environment according to a statement released by his spokesman, Laolu Akande.

He said: “We should find a way of producing oil cheaper at the largest volume possible given the circumstances and future of oil itself, and of course, given our requirements and needs.”

The Vice President noted that in line with the focus of the present administration, there is need for stakeholders in the sector to agree on terms to create a more competitive environment while maximizing opportunities in the oil and gas industry.

He added: “The other point is that of gas. To sound the question of reconciling and maintaining our domestic gas obligation, and at the same time improving the gas environment in such a way that we are able to benefit maximally from it as a business and government.

“I like the concept that gas should be an enabler for quick development and I think that we must reach some kind of balance with this, especially with this question around domestic gas obligation. I would like OPTS and IPPG to look more carefully and see in what ways we can come to some agreements as to how it should be done.”

On the benefits of harmonizing interests in the PIB, Osinbajo noted that the passage of the PIB was an opportunity to transform the industry by addressing lingering issues that have impeded development across the different sectors that make up the industry.

He said: “Businesses would like to invest and invest more in this environment. So, that is the point of convergence. We want more investments and obviously state governments like more investments, and you (private companies) would like to invest so that you can make more money. No question about that; what we should seek to do is to see to what extent we can come to that convergence.”

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